As you twenties, you just start to stream the income. You have just passed from under graduate school. You may not stream income because you just start working at the company. For the businessman, they have just started the business. They have not yet makes money.
However, they spending may be not higher as the senior. They have not yet married and child that the cost is high. They can save more money for their future rather than extravagant their money. There are some question that we can ask to the twenties.
How much your saving now?
Have you save the money? If you have not yet start saving, you can do it now. Earmark 10% of income for saving.
How much your emergency fun?
The emergency fund is important for everyone due we can use it whenever we need money immediately. We cannot predict when we need money. For example, Our car break and we must replace the onderdil. We can use the emergency if we have not money. Surely, you should save for the emergency fund after you use it. Keep the emergency ratio amount three or six times your monthly living costs.
Do you need life insurance?
Though, you just young, you may need insurance. It can protects you from financial risk. Be sure, you just buy the important insurance. Do not overy buy the insurance because you must pay the premium.
Some insurance protect the same risk so you will not get double pay when you claim the loss.
Have you contribute to the retirement?
It is never to eraly when you contribute money for the retirement fund. Earlier you contribute, the more better off. You will receive more money than other people can receive.
Have you started to invest?
Warren Buffet begin invest stock at eleven. When you are twenties but you have not yet invest, you may leave behind. You can start to invest now though you have not yet money. The investment will grow in the long time.
How many credit do you need?
Credit card can lead you to financial run because it often tempt the holder to buy more. To be honest, I do not want to take any credit card. However, if you cannot avoid it, you can get one or two credit card. Be wise to use the credit card. If you pay the credit in time, you will get good credit score.
Do you want to buy house?
The house is important for everyone. You can start to save to buy the house.